Canada's Natural Resources Minister, the Honourable Joe Oliver, today announced enhanced cooperation between Canada and India in the fields of mining and earth sciences and in the iron and steel industries.

Minister Oliver and India's Minister of Steel, Beni Prasad Verma, signed a Letter of Intent (LOI) on cooperation concerning the iron and steel sector and allied industries. Minister Oliver also witnessed the signing of a Letter of Renewal (LOR) to extend a Memorandum of Understanding (MOU) on Cooperation in the Fields of Earth Sciences and Mining between Natural Resources Canada and India's Ministry of Mines to advance bilateral cooperation and encourage cooperation in earth sciences and mining with the industrial sectors. The MOU was set to expire by June 2014.

This ongoing collaboration between the two countries underlines the Government of Canada's commitment to expand engagement through long-term commercial investments, joint partnerships, technological cooperation and exchange of best practices in the earth sciences, mining and energy sectors.

This is Minister Oliver's seventh official visit to Asia. The Minister is joined by a Canadian business delegation in India and is reinforcing the Government's ongoing efforts to promote trade and investment opportunities in the expanding economies of Asia.

Quick Facts

The purpose of the MOU is to establish a working relationship in the fields of earth sciences and mining between the two countries on the basis of equality, reciprocity and mutual benefit.

Since the signing of the MOU in 2010, there have been exploratory discussions with industry about mining technology, waste management and processing technologies, and potential cooperative projects in the earth sciences.

The LOI outlines the intention to explore ways to develop and expand mutual cooperation between Canada and India through information exchanges and discussions in areas of mutual interest, including iron ore and other steel-related raw materials, iron and steel production facilities and encouraging bilateral investment.